What is CEBA
CEBA is a $55 billion program that provides interest-free loans
of up to $40,000 to small businesses and not for profits. The
borrowed funds are to help cover operating costs during a period
where revenues have been temporarily reduced. The loan will better
position entities to quickly return to providing services and
creating employment.
On May 19, 2020, the federal government announced an expansion
to the eligibility criteria for the CEBA, making it available to
more Canadian small businesses, including:
- Sole proprietors receiving income
directly from their businesses;
- Businesses that rely on contractors;
and
- Family-owned corporations that pays
employees through dividends.
